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Firm-Level Determinants of Board System Choice: Evidence from Russia

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  • Iwasaki, Ichiro

Abstract

In this paper, using a unique dataset of joint-stock companies, we empirically examine the determinants of the choice and size of the collective executive board, a core element of the multi-tier board system of Russian firms. Our empirical evidence strongly suggests that the need of company executives for a collective management system is a key driver for the formation of a collective executive board, while outside investors are generally indifferent toward its adoption as a means to strengthening the monitoring and control functions over top management. We also found that Russian firms in the pursuit of the internationalization of their business activities tend to avoid the establishment of a collective executive board, which is a diverse corporate organ from the viewpoint of the international standard of corporate governance systems.

Suggested Citation

  • Iwasaki, Ichiro, 2013. "Firm-Level Determinants of Board System Choice: Evidence from Russia," RRC Working Paper Series 32, Russian Research Center, Institute of Economic Research, Hitotsubashi University.
  • Handle: RePEc:hit:rrcwps:32
    Note: This version: Feb, 2013
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    File URL: http://hermes-ir.lib.hit-u.ac.jp/rs/bitstream/10086/25472/1/RRC_WP_No32.pdf
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    References listed on IDEAS

    as
    1. Naohito Abe & Ichiro Iwasaki, 2010. "Organisational culture and corporate governance in Russia: a study of managerial turnover," Post-Communist Economies, Taylor & Francis Journals, vol. 22(4), pages 449-470.
    2. Ichiro Iwasaki, 2007. "Enterprise Reform And Corporate Governance In Russia: A Quantitative Survey," Journal of Economic Surveys, Wiley Blackwell, vol. 21(5), pages 849-902, December.
    3. Iwasaki, Ichiro, 2008. "The determinants of board composition in a transforming economy: Evidence from Russia," Journal of Corporate Finance, Elsevier, vol. 14(5), pages 532-549, December.
    4. Hans van Ees & Theo J.B.M. Postma & Elmer Sterken, 2003. "Board Characteristics and Corporate Performance in the Netherlands," Eastern Economic Journal, Eastern Economic Association, vol. 29(1), pages 41-58, Winter.
    5. Frye, Timothy M. & Iwasaki, Ichiro, 2011. "Government directors and business–state relations in Russia," European Journal of Political Economy, Elsevier, vol. 27(4), pages 642-658.
    6. I. Iwasaki, 2007. "Legal Forms of Joint-Stock Companies and Corporate Behavior in Russia," Problems of Economic Transition, Taylor & Francis Journals, vol. 50(5), pages 73-86.
    7. Tor Eriksson & Erik Strøjer Madsen & Mogens Dilling-Hansen & Valdemar Smith, 2001. "Determinants of CEO and Board Turnover," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 28(3), pages 243-257, September.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. repec:eee:ecosys:v:41:y:2017:i:1:p:5-25 is not listed on IDEAS
    2. Iwasaki, Ichiro, 2017. "Corporate Governance System and Regional Heterogeneity: Evidence from East and West Russia," RRC Working Paper Series 72, Russian Research Center, Institute of Economic Research, Hitotsubashi University.
    3. Carlo Bellavite Pellegrini & Emiliano Sironi, 2017. "Does a one-tier board affect firms’ performances? Evidences from Italian unlisted enterprises," Small Business Economics, Springer, vol. 48(1), pages 213-224, January.
    4. Iwasaki, Ichiro, 2013. "Global Financial Crisis, Corporate Governance, and Firm Survival: The Russian Experience," RRC Working Paper Series 37, Russian Research Center, Institute of Economic Research, Hitotsubashi University.
    5. Iwasaki, Ichiro, 2014. "Global financial crisis, corporate governance, and firm survival:," Journal of Comparative Economics, Elsevier, vol. 42(1), pages 178-211.
    6. Muravyev, Alexander, 2017. "Boards of directors in Russian publicly traded companies in 1998–2014: Structure, dynamics and performance effects," Economic Systems, Elsevier, vol. 41(1), pages 5-25.
    7. Iwasaki, Ichiro, 2018. "International Presence of the Japanese Study of Russian and East European Economies," RRC Working Paper Series 74, Russian Research Center, Institute of Economic Research, Hitotsubashi University.

    More about this item

    Keywords

    board system choice; executive board; corporate governance; strategic management; Russia;

    JEL classification:

    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law
    • L22 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Organization and Market Structure
    • P31 - Economic Systems - - Socialist Institutions and Their Transitions - - - Socialist Enterprises and Their Transitions
    • P34 - Economic Systems - - Socialist Institutions and Their Transitions - - - Finance

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